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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Korea Zinc chairman defends management rights after fierce battle with MBK

Korea Zinc Chairman Choi Yun-beom, who has been engaged in a monthslong managerial dispute with the alliance of private equity firm MBK Partners and Young Poong, successfully defended his control at a regular shareholders’ meeting Friday. Based on simple shareholding percentages, the MBK alliance, which holds about 41 percent of the shares, outnumbers Choi’s side, which holds about 34 percent. However, Choi was able to retain his management rights by utilizing the cross-shareholding voting rights restriction under the Commercial Act. This allowed his side to neutralize voting rights on Young Poong’s 25.4 percent stake in Korea Zinc, preventing the MBK alliance from taking control of the board. The MBK alliance strongly criticized Choi, saying he has repeatedly resorted to illegal practices to create the cross-shareholding structure. As the alliance signaled its willingness to pursue legal action to nullify the decisions made during the meeting, the ownership battle over the world’s largest zinc smelting firm could enter a new phase depending on the court’s decision. When decla

Mar 28, 2025By Jun Ji-hye
Korea Zinc chairman defends management rights after fierce battle with MBK

Toss posts first-ever annual profit in 2024

Viva Republica, the operator of the mobile financial service Toss, said Friday that it posted its first annual profit since its establishment in 2015. The firm's revenue also reached a record high. According to the company’s 2024 full-year earnings report, its consolidated revenue, including that of its subsidiaries, reached a record 1.95 trillion won ($1.3 billion), marking a 42.7 percent increase year-over-year. Excluding subsidiaries, Toss alone reported revenue of 587.1 billion won, a 74.6 percent increase compared to the previous year. The strong performance also led to Toss’ first-ever consolidated full-year profit, indicating that the company has entered the stage of monetization. It reported 90.7 billion won in consolidated operating income and 21.3 billion won in consolidated net income. The firm noted that the results reflect a significant improvement across all profitability indicators, largely driven by growth in its high-margin consumer services segment — money transfers, brokerage, advertising, simple payments, securities and tax services. It demonstrates the success

Mar 28, 2025By Lee Yeon-woo
Toss posts first-ever annual profit in 2024

Banks expand services for foreign residents in Korea as their population grows

Banks are enhancing their services for foreign customers in response to the ongoing increase in the country’s foreign population, industry officials said Friday. Beyond merely supporting financial transactions for foreign workers, banks are expanding their offerings by introducing platforms to help foreign nationals better settle in Korea and launching services tailored to wealthy foreign individuals and corporations. JB Financial Group, which owns Kwangju Bank and Jeonbuk Bank, will become the first domestic financial company to launch a comprehensive financial and social integration platform for foreign nationals in April. Through this platform, tentatively named Bravo Korea, foreign customers will be able to access financial services such as deposit, installment savings and loan applications, as well as a wide range of essential everyday information, including visa-related services, Korean language education, house searches and job listings. To enhance these offerings, the group is collaborating with start-ups that specialize in services for foreign residents. Major commercial banks

Mar 28, 2025By Jun Ji-hye
Banks expand services for foreign residents in Korea as their population grows

More salaried workers go into debt to buy homes

A group chat for working moms on KakaoTalk mobile messenger frequently sees comments that they are stressed about making repayments for years as salaried workers. Many of them are in their 40s, who, together with their husbands, took out loans from banks to buy an apartment as it is the most popular form of housing and, therefore, is considered a worthwhile investment. “And surprisingly, the number of comments from these indebted individuals appears to be increasing in recent years,” said Shin Ji-kyung, an office worker whose spouse also sits behind a desk. Shin is not wrong, according to Statistics Korea’s latest data, which showed that the average amount of debt for wage workers increased from 2022 to 2023. The data showed the loans taken out by salaried workers nationwide averaged 51.5 million won ($35,100) in 2023. The amount slightly ticked up from 51.15 million won in 2022 after going down from 52.02 million in 2021. “The finding suggests the costly borrowing rate has not been stopping salaried workers from living in debt,” Ha Joon-kyung, an economics professor at Hanyang

Mar 27, 2025By Yi Whan-woo
More salaried workers go into debt to buy homes

JB chairman to lead group for 3 more years, launch 'Season II' of dynamic financial group

JB Financial Group confirmed the reappointment of Chairman Kim Ki-hong at its annual shareholders’ meeting held at its headquarters in Jeonju, North Jeolla Province, Thursday. Kim first took the helm of JB Financial in March 2019 and was reappointed in 2022, leading the group for the past six years. With this latest reappointment, he will serve as chairman for an additional three years, marking his third consecutive term. Over the past six years, Kim has pursued a vision of building a “small but strong financial group,” focusing on profit-driven qualitative growth. This approach has enabled JB Financial to achieve record-breaking performance year after year. In his inaugural address, Kim reaffirmed his commitment to continuing this vision, vowing to further strengthen the group’s competitive and sustainable profit base while also focusing on identifying new core businesses. Kim introduced his “Season II Strategy” to drive the discovery of new core businesses, highlighting three key focus areas. First, the group plans to strengthen strategic alliances with fintech and platform

Mar 27, 2025By Jun Ji-hye
JB chairman to lead group for 3 more years, launch 'Season II' of dynamic financial group

How wealthy are financial regulators, central bankers?

Financial Services Commission (FSC) Chairman Kim Byoung-hwan, Financial Supervisory Service head Lee Bok-hyun and Bank of Korea Gov. Rhee Chang-yong hold assets worth approximately 733 million won ($500,580), 1.7 billion won and 4.4 billion won, respectively, government data showed Thursday. Kim Byoung-hwan's assets, valued at 733.5 million won, include a 500 million won leasehold deposit for an apartment in Seoul and a house in Busan worth 184 million won, which is owned by his mother. Additionally, he has a 233 million won loan from NH NongHyup Bank. Lee's assets grew by approximately 50 million won, mainly due to the increase in value of his apartment in Seocho, southern Seoul, which is jointly owned with his wife. He also has a combined debt of 300 million won from Shinhan Bank and KakaoBank. Rhee's increase in assets was partly due to over 15.6 million won in royalties from four books he authored for college freshmen majoring in economics. His properties, valued at over 2.3 billion won, include an apartment in Yeoksam, southern Seoul, and a leasehold deposit. The combined value of t

Mar 27, 2025By Lee Kyung-min
How wealthy are financial regulators, central bankers?

Hana Financial chair pledges assistance for struggling small businesses in Seoul

Hana Financial Group Chairman Ham Young-joo paid a visit to a small eatery in Seoul, where the business owner suffered significant damage due to a fire that broke out late last year, the group said Thursday. It was Ham’s first official customer engagement effort after having his term renewed with the overwhelming support of over 80 percent of shareholders on Tuesday. It shows the chairman’s commitment to a mutual growth drive with small- and medium-sized enterprises, a financially strained group burdened by high-interest costs and a stagnant economy, Hana said. The chair offered words of consolation and hope for the future. He visited a number of nearby businesses — their corporate borrowers — and stressed the importance of in-person, face-to-face time spent with customers. Ham also reiterated his commitment to customer-oriented financial services, as outlined under the “customer first” drive under the group’s overarching environmental, social and corporate governance (ESG) practices. Hana pledged to spend 10 billion won ($6.8 million) for 3,500 small businesses as part of t

Mar 27, 2025By Lee Kyung-min
Hana Financial chair pledges assistance for struggling small businesses in Seoul

Banking services to expand via 3rd parties to better serve depopulated areas

The government is pushing to amend the Banking Act within the year to introduce a banking agency system aimed at improving accessibility to financial services for digitally marginalized customers, including older adults, the Financial Services Commission (FSC) announced Thursday. The banking agency system allows third parties to perform core banking services such as deposits, savings, loans and transfers on behalf of banks. The move comes as the number of physical bank branches continues to decline amid the accelerating digital transformation of the financial industry. The total number of bank branches nationwide dropped from 7,623 in 2011 to 5,794 in 2023. The country’s top financial regulator noted that the decline in physical bank branches is a global trend, driven by the rise of non-face-to-face transactions in the digital era. However, this shift raises concerns about limited financial accessibility, particularly for older adults and other digitally marginalized customers. According to the FSC's announcement of measures to promote the delegation of banking services, the system wil

Mar 27, 2025By Jun Ji-hye
Banking services to expand via 3rd parties to better serve depopulated areas

Incheon airport customs to end brand ambassador deal with NewJeans

The customs agency operating at Incheon International Airport won't extend a contract with K-pop band NewJeans as its promotional ambassador when the agreement ends on Monday, according to officials, Thursday. The one-year contract was signed in March 2024, before the band became embroiled in a protracted dispute with its record label Ador. While Incheon International Airport Regional Customs said it has yet to decide whether to extend the deal with the five-member band, a Korea Customs Service (KCS) official hinted that the band may be replaced. “We’re consulting all relevant stakeholders, including the KCS, while the final decision lies in our hands,” a regional customs PR official said. But a PR official from the KCS, the governing body that oversees the country's customs, said that the agency “will leave the deal untouched when it expires,” suggesting that it no longer plans to keep NewJeans as the promotional ambassador. As the contract's end nears, customs officials denied speculation that they are in search of other K-pop girl bands to replace NewJeans. Aespa, represented

Mar 27, 2025By Yi Whan-woo
Incheon airport customs to end brand ambassador deal with NewJeans

Banks eye military conscripts in search for new customers

Major commercial banks are courting conscripted military personnel as new customers in the middle of a demographic crisis, industry officials said Wednesday. All four banking arms of the country’s financial groups — KB, Shinhan, Hana and Woori — plus the state-run Industrial Bank of Korea (IBK) plan to join a bid in late April that selects debit card issuers for military draftees. The bid is organized by the Military Mutual Aid Association, a military-affiliated agency dedicated to improving the welfare of service members. The association has been assigning a new card issuer every eight or 10 years since 2007 when it adopted it as a new means of financial transactions over cash. Shinhan Bank, KB Kookmin Bank and IBK have served as the issuers so far. Successful new bidders will have the right to run a check card business for eight years beginning in 2026 and secure nearly 20,000 military draftees as customers yearly over the corresponding period. The association plans to pick three bidders this year. “Winning the bid this time will be more crucial than in the past, as the number of

Mar 26, 2025By Yi Whan-woo
Banks eye military conscripts in search for new customers
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